Geron Corp Financials
This page shows Geron Corp (GERNW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash burn remains the defining operating mechanic, while liquidity is being managed through balance-sheet moves rather than meaningful sales.
Between FY2024 and FY2025, net loss nearly halved from$174.6M to$83.5M , but operating cash burn was still-$111.0M ; cash stayed near$77.6M only because investing cash flow swung to$107.2M while financing added just$2.3M . That mix shows the business was still not funding itself from operations, and FY2025 liquidity was maintained mainly by converting other assets rather than by fresh capital or recurring revenue.
This is still a development-stage expense base: FY2025 R&D was
The balance sheet looks comfortable at first glance with a current ratio of 4.7x, but immediate liquidity is thinner than that headline suggests. Inventory rose from
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Geron Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Geron Corp carries a low D/E ratio of 0.53, meaning only $0.53 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.66, Geron Corp holds $4.66 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 93/100.
Geron Corp generates a -37.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -62.3% the prior year.
Geron Corp passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Geron Corp generates $1.33 in operating cash flow (-$111.0M OCF vs -$83.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Geron Corp earns $-2.1 in operating income for every $1 of interest expense (-$68.6M vs $32.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Geron Corp's EBITDA was -$68.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 60.7% from the prior year.
Geron Corp reported -$83.5M in net income in fiscal year 2025. This represents an increase of 52.2% from the prior year.
Geron Corp earned $-0.13 per diluted share (EPS) in fiscal year 2025. This represents an increase of 51.9% from the prior year.
Cash & Balance Sheet
Geron Corp held $77.6M in cash against $119.5M in long-term debt as of fiscal year 2025.
Geron Corp had 640M shares outstanding in fiscal year 2025. This represents an increase of 5.5% from the prior year.
Margins & Returns
Geron Corp's ROE was -37.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 25.3 percentage points from the prior year.
Capital Allocation
Geron Corp invested $71.4M in research and development in fiscal year 2025. This represents a decrease of 31.1% from the prior year.
GERNW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $51.8M | N/A | $47.2M-3.7% | $49.0M+23.8% | $39.6M | N/A | $28.3M+3105.3% | $882K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $15.0M | N/A | $21.1M-3.1% | $21.7M+44.2% | $15.1M | N/A | $20.2M-34.5% | $30.8M |
| SG&A Expenses | $35.4M | N/A | $39.0M+1.1% | $38.6M-3.6% | $40.0M | N/A | $35.9M-9.0% | $39.4M |
| Operating Income | $158K | N/A | -$13.9M-11.5% | -$12.5M+25.4% | -$16.7M | N/A | -$28.2M+59.3% | -$69.3M |
| Interest Expense | $7.1M | N/A | $8.6M+1.5% | $8.5M+3.9% | $8.2M | N/A | $3.0M-8.2% | $3.3M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$3.6M | N/A | -$18.4M-12.5% | -$16.4M+17.4% | -$19.8M | N/A | -$26.4M+60.8% | -$67.4M |
| EPS (Diluted) | $-0.01 | N/A | $-0.03-50.0% | $-0.02+33.3% | $-0.03 | N/A | $-0.04+60.0% | $-0.10 |
GERNW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $534.1M-6.4% | $570.5M+0.6% | $567.4M+2.2% | $555.2M-1.3% | $562.5M-5.3% | $593.8M+33.4% | $444.9M-1.0% | $449.4M |
| Current Assets | $498.5M-4.2% | $520.3M-0.4% | $522.3M+3.3% | $505.6M+2.0% | $495.8M+1.0% | $491.0M+23.3% | $398.1M+6.6% | $373.3M |
| Cash & Equivalents | $68.9M-11.2% | $77.6M-0.7% | $78.1M+0.5% | $77.7M-7.2% | $83.7M+6.0% | $79.0M+30.9% | $60.3M-48.4% | $116.9M |
| Inventory | $133.3M+14.3% | $116.6M+22.2% | $95.4M+38.0% | $69.1M+23.0% | $56.2M+45.2% | $38.7M+90.9% | $20.3M+2520.5% | $774K |
| Accounts Receivable | $41.9M+13.2% | $37.0M+4.6% | $35.4M-3.4% | $36.6M+17.5% | $31.2M-13.3% | $35.9M+28.3% | $28.0M+3104.5% | $874K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $305.0M-11.5% | $344.7M+8.2% | $318.7M+7.8% | $295.7M+0.5% | $294.2M-6.1% | $313.5M+105.3% | $152.7M+7.0% | $142.7M |
| Current Liabilities | $73.6M-34.0% | $111.5M+27.2% | $87.7M+36.4% | $64.3M+2.0% | $63.0M-28.6% | $88.3M-36.0% | $137.9M+33.2% | $103.5M |
| Long-Term Debt | $119.8M+0.2% | $119.5M+0.2% | $119.3M+0.2% | $119.0M+0.2% | $118.7M+0.2% | $118.5M+865.2% | $12.3M-66.4% | $36.5M |
| Total Equity | $229.1M+1.4% | $225.9M-9.2% | $248.7M-4.2% | $259.5M-3.2% | $268.2M-4.3% | $280.3M-4.1% | $292.3M-4.7% | $306.7M |
| Retained Earnings | -$1.9B-0.2% | -$1.9B-1.6% | -$1.8B-1.0% | -$1.8B-0.9% | -$1.8B-1.1% | -$1.8B-1.5% | -$1.7B-1.5% | -$1.7B |
GERNW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$62.9M-185.1% | -$22.1M-62.5% | -$13.6M+50.5% | -$27.4M+42.9% | -$48.0M-9.2% | -$43.9M+25.4% | -$58.9M-10.2% | -$53.5M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | -$141K | $0-100.0% | $206K |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | -$44.1M+25.2% | -$58.9M-9.8% | -$53.7M |
| Investing Cash Flow | $51.9M+145.2% | $21.1M+58.4% | $13.3M-34.3% | $20.3M-61.3% | $52.4M+150.7% | -$103.5M-18584.3% | -$554K+98.5% | -$36.1M |
| Financing Cash Flow | $2.4M+541.5% | $378K-30.3% | $542K-50.3% | $1.1M+326.2% | $256K-99.8% | $166.2M+4544.0% | $3.6M-78.7% | $16.8M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
GERNW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 0.3% | N/A | -29.4%-4.0pp | -25.4%+16.8pp | -42.2% | N/A | -99.8%+7761.1pp | -7860.9% |
| Net Margin | -7.0% | N/A | -39.0%-5.6pp | -33.4%+16.7pp | -50.1% | N/A | -93.5%+7546.2pp | -7639.8% |
| Return on Equity | -1.6% | N/A | -7.4%-1.1pp | -6.3%+1.1pp | -7.4% | N/A | -9.0%+12.9pp | -22.0% |
| Return on Assets | -0.7% | N/A | -3.3%-0.3pp | -2.9%+0.6pp | -3.5% | N/A | -5.9%+9.0pp | -15.0% |
| Current Ratio | 6.78+2.1 | 4.66-1.3 | 5.96-1.9 | 7.870.0 | 7.87+2.3 | 5.56+2.7 | 2.89-0.7 | 3.61 |
| Debt-to-Equity | 0.520.0 | 0.53+0.0 | 0.48+0.0 | 0.46+0.0 | 0.44+0.0 | 0.42+0.4 | 0.04-0.1 | 0.12 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | -208.5%+5878.1pp | -6086.6% |
Frequently Asked Questions
Is Geron Corp profitable?
No, Geron Corp (GERNW) reported a net income of -$83.5M in fiscal year 2025.
What is Geron Corp's EBITDA?
Geron Corp (GERNW) had EBITDA of -$68.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Geron Corp have?
As of fiscal year 2025, Geron Corp (GERNW) had $77.6M in cash and equivalents against $119.5M in long-term debt.
What is Geron Corp's return on equity (ROE)?
Geron Corp (GERNW) has a return on equity of -37.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Geron Corp's operating cash flow?
Geron Corp (GERNW) generated -$111.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Geron Corp's total assets?
Geron Corp (GERNW) had $570.5M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Geron Corp spend on research and development?
Geron Corp (GERNW) invested $71.4M in research and development during fiscal year 2025.
What is Geron Corp's current ratio?
Geron Corp (GERNW) had a current ratio of 4.66 as of fiscal year 2025, which is generally considered healthy.
What is Geron Corp's debt-to-equity ratio?
Geron Corp (GERNW) had a debt-to-equity ratio of 0.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Geron Corp's return on assets (ROA)?
Geron Corp (GERNW) had a return on assets of -14.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Geron Corp's cash runway?
Based on fiscal year 2025 data, Geron Corp (GERNW) had $77.6M in cash against an annual operating cash burn of $111.0M. This gives an estimated cash runway of approximately 8 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Geron Corp's Piotroski F-Score?
Geron Corp (GERNW) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Geron Corp's earnings high quality?
Geron Corp (GERNW) has an earnings quality ratio of 1.33x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Geron Corp cover its interest payments?
Geron Corp (GERNW) has an interest coverage ratio of -2.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Geron Corp?
Geron Corp (GERNW) scores 31 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.